Apple Pay officially launched at 5 a.m. on February 18, as announced by Apple’s official website. The first batch of cooperating banks included 19 institutions, among them five major state-owned banks, China Merchants Bank, and ten other commercial banks, as well as Beijing Bank, Shanghai Bank, and others. Apple Pay will support both debit and credit cards issued by these banks.
Apple Pay is an NFC-based mobile payment solution introduced by Apple during the fall 2014 product launch. It was officially rolled out in the U.S. on October 20, 2014, and China became its fifth market. This move marks a significant step in Apple's global mobile payment strategy.
Earlier last year, UnionPay announced a partnership with Apple Pay and Samsung Pay. Apple Pay will integrate with UnionPay’s cloud flash payment system through NFC technology. As long as an iPhone is near a UnionPay cloud flash-enabled POS terminal and the user touches the Touch ID, the payment can be completed seamlessly.
According to a report from 21st Century Business Herald, at the POS end, besides UnionPay’s flash terminals, third-party payment providers such as Quick Money have also stated they are ready to support Apple Pay.
NFC Payment Recovery
Currently, the mobile payment landscape includes three main modes: NFC payment, QR code scanning, and card machine payments. While QR code scanning has risen rapidly, it has quickly captured a large share of the mobile payment market in recent years.
An insider from UnionPay believes that the initial slow growth of NFC was due to the involvement of many stakeholders, including banks, UnionPay, telecom companies, and phone manufacturers. Each party aimed to shape the rules of the game in their favor, making it difficult to reach a balanced agreement. Additionally, compared to QR code payments, NFC requires more advanced hardware, such as NFC-enabled devices and POS terminals, which increases costs. This made it harder to promote widely. Before Apple introduced NFC on its phones, all NFC payments were limited to Android devices, leading to a loss of about 20%-30% of potential users.
With the introduction of Apple Pay in China, the domestic NFC payment sector has seen a transformation. Unlike the initial launch of NFC, the Android system introduced HCE (Host Card Emulation), which removed the need for integrating NFC chips into SIM cards. This helped reduce the complexity of multiple players involved. UnionPay’s cloud flash payment is built on NFC-HCE technology, and several banks, including China Merchants Bank, have also adopted similar solutions.
NFC payments do not require opening an app or unlocking the phone. Simply bringing the phone close to a flash payment-enabled POS terminal and confirming the payment via fingerprint or face recognition completes the transaction, which is faster than QR code scanning. However, before Apple introduced NFC, this feature was only available on Android devices.
Many third-party payment platforms are also exploring new technologies like NFC. Suning Finance mentioned that Suning Yifubao, as a third-party payment service, plans to strengthen collaboration with emerging tech vendors. Currently, Suning Yifubao has signed an agreement with Samsung Pay for store integration.
Quick Money also confirmed that they are preparing to support Apple Pay on their POS terminals.
Alipay claims that merchants' needs for payment services go beyond just processing transactions. With the internet, value-added services such as affiliate marketing and data-driven operations are becoming increasingly important for merchants. Alipay aims to leverage this by combining online and offline business models using internet technology and big data.
Mobile Payment Ecosystem May Change
After Apple Pay’s launch, some industry voices suggested that the mobile payment landscape could evolve into a new ecosystem.
Data shows there are over 7 million contactless payment-enabled POS terminals nationwide. However, some insiders believe this number is still a small portion of the overall market.
A major third-party payment provider stated that Apple Pay may not significantly impact the current domestic mobile payment scene. They gave four reasons: First, Apple Pay involves a long payment chain, including phone manufacturers, issuers, acquirers, merchants, and UnionPay, requiring careful coordination of interests. Second, the cost and time required for hardware upgrades are high, limiting coverage to large merchants and not reaching small and medium-sized businesses. Third, whether merchants accept the fees charged by Apple Pay and the costs of upgrading equipment remain uncertain. Even if accepted, most offline merchants now expect more than just a cash register function—they want marketing support, such as understanding customer behavior and location data. Fourth, Apple Pay is currently limited to older models like the iPhone 6 and 6s, resulting in a relatively small user base.
Some third-party payment providers believe that while NFC may not overtake QR code payments, Apple Pay’s entry helps maintain UnionPay’s influence in the mobile payment market. This will have a certain impact on the industry, but the extent depends on how much UnionPay and banks invest in market development and education.
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